Crescent Biopharma struck a two‑way agreement with Sichuan Kelun‑Biotech to generate parallel clinical data for its PD‑1/VEGF bispecific antibody CR‑001, with plans for monotherapy and ADC‑combination readouts targeted for 2027 in both the U.S. and China. The deal grants Kelun exclusive rights in Greater China and includes upfront payments, milestones and tiered royalties, while Crescent raised $185 million to fund the program and broader pipeline. Company statements framed the collaboration as a move to accelerate global development and optimize combo strategies with ADC partners. The file highlights how bispecific and combination strategies continue to draw cross‑border partnerships to de‑risk development and speed regulatory filings.